Amid the second wave of the COVID-19 pandemic, the federal government, earlier final month, introduced the extension of submitting earnings tax returns (ITR) for the monetary yr 2020-21 by two months, until September 30. With a purpose to present reduction to taxpayers and tackle difficulties confronted by them throughout the pandemic, the Central Board of Direct Taxes (CBDT) additionally prolonged the timelines for varied tax compliances beneath the Earnings-Tax Act,1961. Nevertheless, the final date to file the TDS return or tax deducted at supply is June 30, 2021, in keeping with the official round. (Additionally Learn: Deadline For Submitting Earnings Tax Returns Prolonged Until September 30 Amid COVID-19 )
Granting main reduction to taxpayers dealing with hardship because of the extreme pandemic & in view of representations recd, the Central Govt extends sure timelines for compliances beneath IT Act. CBDT Round No.9/2021 dated 20.05.2021 issued. Round obtainable on https://t.co/loEeiuxjTfpic.twitter.com/EFfzvCCRGD
— Earnings Tax India (@IncomeTaxIndia) May 20, 2021
The Central Board of Direct Taxes – the statutory physique which heads the Earnings Tax (I-T) division launched an official round with particulars of the timelines of earnings tax compliances prolonged for taxpayers this yr.
The necessary deadlines that taxpayers should keep in mind, for a few of the tax compliances that fall this month – June 2021, are as follows:
- The final date for submitting the assertion of reportable account for the calendar yr 2020, required to be furnished on or earlier than Might 31, 2021, can now be performed on or earlier than June 30, 2021.
- The deadline for submitting the assertion of deduction of tax for the final quarter of the monetary yr 2020-21, required to be furnished on or earlier than Might 31, 2021, may be submitted on or earlier than June 30, 2021.
- The tax deducted at supply or TDS/TCS e-book adjustment assertion may be filed on or earlier than June 30, 2021.
- The final date for the monetary establishments to furnish the Assertion of Monetary Transaction or SFT report is prolonged until June 30, 201, from the sooner deadline of Might 31, 2021.
In the meantime, in keeping with the CBDT’s round, the deadline for issuing Certificates of Tax Deducted at Supply in Kind No 16 by employers to workers is prolonged by a month until July 15, 2021.